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EURUSD Break Would Test 12825

EURUSD Break Would Test 12825

2012-06-20 22:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Break Would Test 12825

Prepared by Jamie Saettele, CMT

“The EURUSD is has reached the 2nd standard deviation Bollinger band (20 day), which has pinpointed tops since the 2012 top was set in February. The level is reinforced by the underside of the former base channel (dashed line) and May congestion (notably 12725-12825).” Given reward/risk, I lean bearish at this level towards 12630 and short term channel support but trading above 12746 would delay and trigger a move to 12825 (and channel resistance just above 12825).

LEVELS: 12530 12556 12640 12746 12825 12910

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